Three public life science firms in San Diego are suffering stock slips after reporting first quarter earnings Wednesday. Two of the firms missed analyst expectations and one exceeded Wall Street’s forecast, but barely.

Sequenom Inc. (Nasdaq: SQNM)

Sequenom Inc., a firm providing tools for genetic analysis, reported first quarter revenues dropped 27 percent in 2016 compared to the first quarter of 2015.

The company brought in $27.6 million in Q1 revenues, down from $37.8 million in the same period the prior year. It missed analysts' average estimate of $27.9 million.

The revenue drop was primarily due to a shift in how the firm makes money on its noninvasive prenatal (NIPT) tests. Late in 2014, Sequenom and Illumina Inc. settled NIPT patent disputes by agreeing to pool the intellectual property and share revenue from the patent pool. As a result, a number of Sequenom customers converted from purchasing noninvasive prenatal tests directly from Sequenom to licensing the rights to develop their own tests through the patent pool agreement. These changes resulted in a drop of about $10 million in net revenue for the first quarter of 2016 (compared to the first quarter of 2015), the company said.

The firm's net loss for the quarter was $13.4 million, compared to a net gain of $14.3 million in Q1 2015. The previous net gain was due to a one-time $21 million payment from Illumina related to the companies' patent pool agreement.

The company’s stock is down over 11 percent to $1.20 per share in afterhours trading. The company’s stock has fallen over 70 percent since May of last year.

Orexigen Therapeutics Inc. (Nasdaq: OREX)

San Diego drugmaker Orexigen Therapeutics Inc. reported a loss of $22.3 million in its first quarter. On a per-share basis, the company said it had a loss of 15 cents, which beat Wall Street’s estimate of a 16 cent loss.

The weight loss drugmaker posted revenue of $5 million for the first quarter of 2016, compared with $4.3 million in revenue for the same period the prior year.

The company’s stock is down nearly 6 percent Wednesday. In one year, the company’s stock has dropped over 93 percent from $6.61 per share to $0.44 at close of market Wednesday.

Ionis Pharmaceuticals Inc. (Nasdaq: IONS)

Ionis Pharmaceuticals Inc. reported a loss of $62.9 million in its first quarter.

The drugmaker posted revenue of $36.9 million in the period, missing Wall Street forecasts. Three analysts surveyed by Zacks Investment Research expected $39.9 million.

The Carlsbad company said it had a loss of 52 cents per share. However, the losses adjusted for stock option expenses came to 35 cents per share. The average analyst expectation was for a loss of 50 cents per share.

Ionis Pharmaceuticals shares are down nearly 8 percent Wednesday. The stock, trading on Nasdaq for $35.25 per share, has fallen nearly 40 percent in the last 12 months.